President Trump counters speculations of economic slowdown or recession by attacking Democrats, Federal Reserve, China and Media.
President Trump has come out clear on the rumours of economic slowdown and recession. He maintains as expected that there is
no recession at all. Furthermore, Trump stated all talks of recession are farce and promoted by opposition to adversely affect 2020 election campaign.
Trump said: “We are doing tremendously well. Our consumers are rich. I gave a tremendous tax cut and they are loaded up with money”
I don’t see a recession, American Economy is way too strong – the world could be in a recession?
President Trump was talking about the
tax cuts of 2017 and majority are not willing to buy his argument. Despite his tax cuts – there were no increased wages for workers. Consequently, the deficit went further up. If people benefitted – they were just the wealthy ones.
Federal Reserve had reported a study earlier this year suggesting that 39 % of Americans do not haveDeepak Kaistha | CEO, DKODING Media
enough cashin hand. If that is the reality at the ground level – its fair to say this President believes in blind optimism.
President Trump further went on writing on twitter: “ The Fake News Media is creating the false news on recession because they think it will be bad for me and my re-election. The problem they have is that the economy is way too strong and we will soon be winning big on Trade, and everyone knows that, including China!”
However, President Trump has conveniently linked all rumours of economic slowdown to a conspiracy plotted by media and the allies who do not wish to see him re-elected.
Most importantly, President Trump went all out accusing Chair of Federal Reserve- Jerome Powell for not cutting the rates by enough. He also said that all of these false talks around economic slowdown are nothing but a campaign run by the haters.
We are doing very well with China, and talking!
In other words, Trump and The White House are not willing to come to terms with the reality of the economy and wish to continue to focus on never ending tariff war with China.
So, the White House administration isn’t clear itself, if the import taxes are hurting or helping the Americans. Above all, it is also not clear on the stand if China is paying them or not. More so, do not have a clear take on the real story themselves.
They have to choose between ‘honestly or responsibility’
Let’s also see what Senior advisor Kellyanne Conway had to say, “the fact is, the fundamentals of our economy are very strong”. During 2008 Presidential campaign, John McCain was mocked for similar claims. That was just before the big crash of Lehman brothers.
Tony Fratto, a former Treasury Department Spokesperson in Bush administration showed concern for The White House administration as they will have to choose between the “honestly or responsibility”.
In addition to this, National Association of Business Economics has reported a big downturn to hit by 2021. Similarly, the job markets are showing downward trend wherein stock markets are fluctuating in the realm of recession.
It will be interesting to see the reactions pouring in from across the world after President Trump has blamed Federal Reserve, China, Democrats and Media in his first attempt to create a rosy picture for American Voters.